Use the mortgage calculator to calculate the cost of buying a $50k home. Change the numbers to see different options.
This calc can be used for car loans, debt, real estate, home purchase, etc.
Can I afford a 50,000 dollar house? It depends.
In addition to the mortgage payment, a home also has insurance, maintenance, and taxes.
Taxes can vary drastically by area. A very rough estimate is to not spend more than 30% of your income
on housing.
How do I get a mortgage? A simple first step is to talk to a local banker and fill out a mortgage application. Then consider other offers, either local or online.
How much of a down payment should I make? Here's a little chart that shows monthly payments based on down payment for a $50,000 house.
$50,000 Home at 2%
| 0% down | $184.81/mo |
| 5% down | $175.57/mo |
| 10% down | $166.33/mo |
| 15% down | $157.09/mo |
| 20% down | $147.85/mo |
| 25% down | $138.61/mo |
| 30% down | $129.37/mo |
| 35% down | $120.13/mo |
| 40% down | $110.89/mo |
| 45% down | $101.65/mo |
| 50% down | $92.40/mo |
$50,000 Home at 4%
| 0% down | $238.71/mo |
| 5% down | $226.77/mo |
| 10% down | $214.84/mo |
| 15% down | $202.90/mo |
| 20% down | $190.97/mo |
| 25% down | $179.03/mo |
| 30% down | $167.10/mo |
| 35% down | $155.16/mo |
| 40% down | $143.22/mo |
| 45% down | $131.29/mo |
| 50% down | $119.35/mo |
$50,000 Home at 6%
| 0% down | $299.78/mo |
| 5% down | $284.79/mo |
| 10% down | $269.80/mo |
| 15% down | $254.81/mo |
| 20% down | $239.82/mo |
| 25% down | $224.83/mo |
| 30% down | $209.84/mo |
| 35% down | $194.85/mo |
| 40% down | $179.87/mo |
| 45% down | $164.88/mo |
| 50% down | $149.89/mo |
Should I refinance? If your interest rate is higher than the current market rate, consider refinancing.